HomeMy WebLinkAbout2425 S. That he will pe•rmit, cummit, ur suffer no waste, imppitment, or deter~orat~on o( sa?d proE~rrt~• or .,n}• p~+rt
Ihc•n~u[, .+nd in the e~ent of the failure of the mottgugor to keep the buildtngs on sa?d premisrs ~+nd those t<~bc
erected on said premius, ur im~ru~•ements thereon, ~n goad repair, the mortgagre ma~• make such re~kiirs as ~n its
discrrtiun it may deem nece~tisat~• for the propec presert~at~on thereo[, and the full amount of rach and e~•er~• such
p~~~ment shatl be immed~ately due and payable, and shall be secured b~• the lien of th~s murtgage.
h. That he w•ill pay~ all and singular the costs, charges, and expenses, includ~ng reasunable law~•er's fee~, ~
~~nd cost~ of abstracts o( title. incurred ur pa~d at any time bp the mortgagee .because of the fa~lure un the p:+rt of ~
the murtgag.x promptly and fuil}' to per(urm the ugreements and co~•enants of sa~d promissory note and ih~s murt- ~
gage, ~~nd ~aid costs, rharges, eind expenses shall be immediatelY due and pa~~able and shall be secured b~• the
lien ot this morikc+ge. ;
7. That he w•ill keep the ~mpro~•ernents now e•xisting or hereattet erected o~ the mottRaged property, insured as _
may be required from time to t~me b~• the mortgagee against loss by fire and other hazatds, casualt~es, and contin-
Kencies in s~ch amounts and for such periods as may be required b~~ mottgaKee. and wiU pay prompt~y, ~•hen due,
am~ pr~miums on such ~nsurunce tor payment of which provis~on has not been made he~einbefore. All ia~u~anre
shall be carned ~n compan~es approced b}~ mortgagee and the pclic~es and renewals theceof shall be held b~• mcxt-
K~+gee and ha~•e attached thereto loss pa}•able clauses in favor of and in form acceptable to the mortgagee. In -
e~•ent of lo~s he w~ll gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof af loss if not
made pramptl~~ b~• mortgagor, and each insu~ance compan~• concerned is hereby autho~ized and directed to m<~ke
pa~•ment for such loss directly to mortgagee instead of to mortgagor and mortgagee ;ointly, and the insurance pru-
ceeds, or any~ part thereof, may be applied bp mortgagee at its option either to the reduction of the ~ndebtednes~ _
hereb}• secured or to the restoration or repair of ihe propert}~ damaged. In event of Eoceclosure u[ this mortgage or -
other transEer of title to the mortgaged property in extinguishment of the indebtedness secured hereb~•, al! right,
t?tle, and interest of the mortgagor in and to any insurance policies then in force shatl pass to the purchaser or
; ~rantee.
? 8. That the mortgagee ma~~, at an}• time pending a suit upon this mortgage, appl~• to the court ha~~ing jucisdic-
f tion thereo[ for the appointment of a recei~~er, and such court shall forthw•ith appoint a recen~er of the premises
co~•ered hereb~• all and singular, including all and singufar the income, profits, issues, and revenues from whatecer
= source deri~~ed, each and every o( w•hich, it be~ng expressl~~ understood, is hereby mortgaged as if specif irall}• set
E forth and described in lhe granting and habendum clauses hereof, and such receiver shall ha~•e ail the brc~ad and
eftecti~~e funct~ons and powers in any~wise entrusted by a court to a recei~•er, and such appointment shal! be made
b~• such court as an adm~tted eqwt}• and a matter of absolute right to said mortgagee, and without reference to the
adequact' or inadequacy~ of the ~•alue of the propertp mortgaged or to the sok'ency or ie~splvency of said mortgagor :
~ or the defendents, and that such rents, profits, income, issues, and tevenues shall be a~plied b~• such recei~•er ~
j accurdin~ to the lien of this mortgage and the practice of such court. ln the e~•ent o! any,defaulton the part of the
mortgagor hereunder, the morlgagor agrees to pa~~ to the mortgagee on demand as a reasonabie month:p rental for
- the premises an amount at least equ~~•alent to one-iKelfth (l `12) of the aggregate of the twelve monihl}• instail- ;
- ments pa~~~ble in the then current year plus the actual amount of the annual taxes, assessments, w•ater rates, and `
~ ~nsurance premiums for such year not covered b~~ the aforesaid monthly payments.
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' 9. That tn the e~ent of an}• breach of this mortgage or default on the part of the mortgagor, or in thc
~ e~•ent that am~ of said s~ms o[ money here~n referred to be not promptl~• and full}' paid w~thuut demdnd or nutice.
; or ~~n the e~•ent that each and e~•ery the stipulations, agreements, conditions. and covenants of said note and
- this mortgage, are not dul}~, prompUy, and fully performed; then in either or any such event, the said aggregate
sum ment~uned in sa?d note then rema~n~ng unpa~d. with interest accrued to that time, and all moneys secured
herrb~, shall become due and payabie forthwith, w thereafter, at the option of said mortgagee, as fully and com-
pletel~• as if all of the said sums of money were originalt}• stipulated to be paid on such day, anything in sa~d
~ nute or in this mortgage to the contrar}• notwithstand~ng; and thereupon or therea[ter, at the option of said mortg~i-
Kee. without notice or demand. su~t at law or in equit~~, may be prosecuted as if all moneys secured hereb~~ had
- meeured pr~or to rts inst?tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
pa~able, and the ~aid premises shatl be sold. to satisfy~ and pay the same together with costs, expenses,and allow-
ances. In case .~f partial foreclosure of this mortgage, the mortgaged premises shall be sold sub~ect tu the cc~n-
~j t~num~ lien of th~s mortgage for the amount of the debt not then due and unpatd. In such c:ase the provis?ons uf
this pacagraph ma}~ again be a~~ailed of thereafter fram time to time by the mortgagee.
~ 10. 'That the mortgagor w•ill gi~~e ~mmediate notice by mail to the mortgagee of an~~ cum•e}~ance, transfer, or
chan~e of ow~nership of the premises.
I1. That no u•ai~•er of an~• co~•enant herein or oE the obl~gat~on secured hereb~~ shalt at an~ time therrafter be
; held to be a wa~~~er of the terms hereof or of the note secured hereb}•.
12. That if the mortgagor default ~n an~~ of the covenants or agreements conta~ned here~n, or ~n sa~d nute, th~•n
= the mortg~gee may perforr^ the same, and all expendttu~es (~ncludiog reasonable~ attorney's fees) m~de h~~ thc
murtga~ee tn so doing shal: drak• interest at the rate set forth in the note secured hereb~•, and shall be repa~~able
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timmed~atel} and w~ihout der.:and b~~ the mortgagor to the mortgagee, and, together with interest and custs accru~ng
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ihereon, shall be secared b~• th~s mortgage.
= 13. that the maiLnq of a written notice vr demandaddressed to the ownet ot record of the mortgaged yrr:rises,
;~r d~rected to the satd ow•ner at the last addtess actuall}• furn~shed to the mortgagee, or directed to sa~douner at
_ ~aid mortgaged premises, and mailed b~• the Untted States mails, shall be sufficient notice and demand ~n any
case ans~ng under this ~nstrument and required by the provts~ons herroi or by law.
- 14 The mortgagor further covenants that shuuld this mortgage and the note secured hereb~• not be eliRible
for ~nsur~nce under the ;3ational Nausing Act w?th~n (~b1t[f Laj! from the date hereof (written statement
_ .~f ~,n~ oft~cer of the Department of Housing and Urban Development or authortzed agent of the Secretary o( Hous-
_ tng and Lirban Qecelopment dated subsequent to the (i~, j,~~, ttme from the date ot th~s mortgage.
_ deci~nin~ to ansure said note and th~s mortgage, being deem•~d conclusive proof u[ such inel~gibil~ty~), the mortga-
~ee ur the holder of the note may, at its opf ion, declare all sums secured hereby ~mmed~ately due and pa}eble.
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The co~enants here~n conta~ned shall bind, and the benefits and ad~•antages shall ~nure to, the respective
_ he~rs, exreutors. admin~strators, successors, and ass?gns of the parties hereto. u'hene~~er used, the sjngular num-
F~c~r thai! ?nctude the plural, the plural the singular, and the use o( an~~ gender shali ~nclude all genders.
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